30 APRIL 2019 – LONDON – Arch Insurance (UK) Limited, part of Arch Insurance International, is set to enter the cyber insurance market with a new product specifically focussed on the needs of small to medium enterprise (SME) clients and their insurance brokers.
Cyber Searchlight, which Arch is launching at BIBA 2019, breaks free from traditional and sometimes complex insurance policy structures to focus on delivering the assistance SMEs need immediately following a cyber event.
In the event of a cyber claim, app-based notifications and online help will be available, allowing businesses to continue with a minimum of disruption and with the confidence that they are being supported by a wide panel of expert service providers.
Cyber Searchlight will be introduced as a specialist standalone product in the UK before being deployed into the Australian market via Arch’s offices in Sydney and Melbourne.
Ultimately, Arch plans to integrate the product into the expanding range of Commercial SME business package solutions offered by its UK Regional Division, which handles tens of thousands of SME commercial clients annually through its network of over 2,000 regional brokers.
Development of Cyber Searchlight has been overseen by Marcus Breese, Arch’s London-based Cyber Class Underwriter who joined its Financial Lines team early in 2019. Marcus has spent a significant part of his career developing and underwriting cyber products on a worldwide basis.
Steve Bashford, Chief Executive, Arch UK Regional commented, “Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment. When a business experiences a cyberattack, it needs a responsive, straightforward service — a lifeline in its hour of need. We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.“
Claims will be handled by the Arch claims team, with 24/7/365 cyber breach response service provided in partnership with the cyber team at global law firm Kennedys.
Mr. Breese added “We are particularly excited as cyber at Arch Insurance International has been built from scratch with the needs and concerns of brokers and clients front and centre.”
At BIBA 2019 (stand D71), experts from Arch will be on hand to discuss Cyber Searchlight with insurance professionals. On the first day of the conference at 10.30 Mr. Breese will be delivering a presentation on the features and benefits of Cyber Searchlight along with details of appetite and processes at The Midland Hotel, Manchester, M60 2DS.
Register to attend here: ArchUKRegionalDivision@archinsurance.co.uk.
For more information visit: https://www.archcapgroup.com/Insurance/Regions/Europe.
About Arch Insurance (UK) Limited
Arch Insurance (UK) Limited provides specialised property and liability insurance programmes to a wide range of industrial and commercial companies and financial institutions.
The UK Regional Division of Arch Insurance (UK) Limited focuses on commercial property, casualty, motor, professional liability, personal accident and travel business through its extended office network across the UK.
Arch Syndicate 2012 is managed by Arch Underwriting at Lloyd’s Limited, a Lloyd’s managing agent. Our stamp capacity is £200 million for the 2019 year of account.
A wholly owned subsidiary of Arch Capital Group Ltd., Arch Insurance (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $11.17 billion in capital at December 31, 2018, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
About Kennedys Law LLP
Kennedys Law LLP is a leading global law firm specialising in litigation and dispute resolution that has 2000 staff worldwide, with 37 offices in Auckland, Bangkok, Belfast, Bermuda, Birmingham, Bogotá, Brussels, Buenos Aires, Cambridge, Chelmsford, Copenhagen, Dubai, Dublin, Edinburgh, Glasgow, Hong Kong, Illinois, Lima, Lisbon, London, Madrid, Manchester, Melbourne, Mexico City, Miami, Moscow, New Jersey, New York, Paris, Pennsylvania, Santiago, São Paulo, Sheffield, Singapore, Sydney, Taunton and Texas. Kennedys also has an active network of associate offices and co-operations around the world, situated in Beijing, Bologna, Dominican Republic, Guatemala, Karachi, Milan, Mumbai, New Delhi, Oslo, Panama, Puerto Rico, Rio de Janeiro, Rome, Shanghai, Shenzhen, Stockholm, Tel Aviv and Warsaw.
Kennedys’ client base includes domestic and international (re)insurers, Lloyd’s syndicates, central and government bodies and large corporate organisations (many of which are self-insured). Its lawyers provide a range of specialist legal services to industry sectors including insurance and reinsurance, aviation, banking and finance, construction and engineering, healthcare, life sciences, marine, public sector, rail, real estate, retail, shipping and international trade, sport and leisure, transport and logistics, and travel and tourism.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Please contact Jim Round, Emma Hynes or Alex Hankinson at Midnight Communications: